The great Chinese-led deflation in goods prices may have come to an end.
Beginning in the 1990s, the emergence of China as a major exporter first depressed and then held down the prices of many goods, helping to improve living standards in the United States. But recently, prices have begun to rise.
The change can be seen clearly in the accompanying charts showing the Consumer Price Index for apparel. Because prices can be volatile, they use three-month moving averages to smooth the trends.
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